Odeabank’s net profit in the third quarter of the year has increased by 214%, to 115.3 million TL. In the same period, Odeabank's total credits have increased to 23.5 billion TL, its deposits to 25.5 billion TL, its net assets to 33.1 billion TL.

Odeabank, a subsidiary of Lebanon based Bank Audi in Turkey, has increased its net profit by 214% to 115.3 million TL in the third quarter of 2016 compared to the same period of last year, despite fluctuations in foreign currency rates and economic stagnation caused by the uncertainty in global markets. In the same period, Odeabank's total credits increased to 23.5 billion TL, its deposits to 25.5 billion TL, its net assets to 33.1 billion TL.

Odeabank Board Member and General Manager Hüseyin Özkaya said in his written statement that the financial results of the third quarter of the year show the rapid and profitable growth in the bank's performance indicators, adding: "In spite of the economic uncertainties and fluctuations in foreign currency rates, we continue to grow profitably and move towards our goal of entering the major league of the sector. Our successful financial results since the beginning of 2016, which has been quite a challenging period, are the most significant indicators of this."

'FOREIGN FINANCING MUST CONTINUE TO MAINTAIN THE CONSISTENT OUTLOOK'

Özkaya, evaluating the the third quarter performance of the Turkish banking sector said, "According to the monthly data of BRSA, the annual growth of credits that was 12.3% at the end of June, has become 8.6% at the end of September. In the same period, the growth rate of deposits has also decreased from 12.3% to 5.6%. Thus, the credit-to-deposit ratio increased from 119.7% to 120.1%. In this period the ratio of debts in collection to total credits increased slightly from 3.30% to 3.32%. We can also say that the profitability of the sector has a better outlook in the third quarter. According to the monthly results of BRSA, the net profits of the banking sector in the first nine months increased by 54.8%, reaching 29 billion TL." He continued: "The Turkish banking sector displays a consistent outlook. However, foreign financing is crucial for both the banking sector and our economy as a whole. We think that the main problem of the Turkish economy since mid-2013 is the inability to make a lasting improvement on the investor perceptions. In the case of a decrease in the uncertainty in global economy and steadfast continuation of the structural reforms our country needs, we presume that the capital flow to our country will be revived permanently and our economy will reach levels compatible with its solid foundations."

"WE HAVE STRENGTHENED OUR CAPITAL FOR NEW INVESTMENTS"

Özkaya stated that Odeabank has increased its capital by 1 billion TL in July, when Turkey was going through a sensitive period, showing their confidence in the Turkish economy. He added: "We have successfully completed our capital increase process in collaboration with our main shareholder Bank Audi along with International Finance Corporation (IFC), IFC Finance Institutions Growth Fund (IFC FIG Fund) and European Bank for Reconstruction and Development (EBRD), despite the coup attempt faced by our country. With this capital increase, we enhance our credit support for investments and projects that will contribute to the development of Turkish economy. This capital increase also allows us to provide more support for SMEs that constitute 70% of employment in Turkey yet only benefit from 30% of the credits." He added:

'WE AIM TO BECOME THE MAIN BANK OF SMEs'

As Odeabank, to make further contribution to our economy, we want to become the 'main bank' of SMEs, which we have determined as our primary segment, providing them with more comprehensive services, in line with our 'Personalized Banking' approach. We aim to double our market share in credits given in this segment.